Geoff Dornan
gdornan@nevadaappeal.com

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October 4, 2013
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Finance board approves bonds to pay off unemployment debt

The state Board of Finance voted unanimously Thursday to issue bonds to pay the $523 million Nevada owes the federal Unemployment Insurance trust. That money was borrowed over the past couple of years to continue paying unemployment benefits for Nevadans left jobless by the recession. Treasurer Kate Marshall said issuing the bonds will save the state’s businesses about $15 million because the federal interest rate is more than double the effective rate the state will pay on those bonds. In addition, it will eliminate interest payments to the federal government on those loans. Paying interest for the past year cost …

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The Nevada Appeal Updated Oct 4, 2013 12:27AM Published Oct 4, 2013 12:27AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.